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The purpose of this study explores the effects that media coverage of corporate social responsibility (CSR) news related to primary stakeholders (e.g. customers, employees and investors) and secondary stakeholders (e.g. community) have on the market value of companies, measured as the impact generated in the positive and negative abnormal returns for those companies.

Using a sample of 195 online papers published in the most important Spanish business newspaper during 2015, the authors implement an event study and a regression analysis that confirm the importance of CSR news for corporate financial goals.

The findings show that negative CSR news related to primary stakeholders such as investors and customers generate significant abnormal returns for companies that are notably larger than the abnormal returns generated by secondary stakeholders (e.g. community). Similarly, positive news related to primary stakeholders such as employees are the only positive news that affect market reactions significantly.

The study provides an empirical analysis that clarifies how media coverage of different types of CSR news affect the market value of companies. In doing so, the paper contributes to previous literature significantly because scant research exists that has compared the differential effects of CSR news focused on primary and secondary stakeholders. The findings are discussed under the premises of the managerial perspective of stakeholder theory.

Based on the premises of the institutional theory, in this paper, we explore the effects that the media coverage of positive and negative Corporate Social Responsibility (CSR) news have on the stock market value of companies in diverse industries.

Using a sample of 195 online articles published in the most important Spanish business newspaper, we implement an event study and a regression analysis.

The findings show that positive and negative CSR news, usually, have significant impacts on the stock market value of companies. Specifically, the market reaction is stronger under the announcement of negative news in all industries (i.e. basic, energy, finance and goods and services), although positive news also cause significant positive stock market reactions in the finance and basic industries.

Although the media plays an indispensable role in the dialogue around CSR, much of the research focused on the role of the media on the CSR-CFP link does not consider how the industry variable can affect the abnormal stock returns derived from CSR news. This research contributes to this gap in the literature by exploring the differences that exist in the stock market reactions to CSR news based on the industry in which the companies operate.

Supported by the principles of the legitimacy theory, the purpose of this paper is to explore the relationship that exists between the information quality of the corporate social responsibility (CSR) reporting provided by the most liquid companies operating in the Spanish Stock Market and their corporate reputation.

Three regression models are tested with panel data collected for a sample of the 35 most liquid companies operating in the Spanish Stock Market between 2004 and 2014.

The findings show that two axes of information quality (i.e. content and management systems) should be necessarily controlled by companies in order to improve their corporate reputation through their CSR reporting. The content axis refers to the compliance of CSR reports with the provision of qualitative, quantitative, and evaluative information concerning the impacts of the CSR of the company on society and the environment. The management systems axis refers to the compliance of CSR reports with the disclosure of details about the policies, plans, and actions that companies implement to assure an effective management of CSR initiatives.

Previous literature exploring the relationship between corporate reporting and reputation has frequently focused on either the impact of the quantity of financial and CSR information reported by companies and the role of information quality, but only in reference to a number of specific themes (environment, customers) and not to the full range of information covered by CSR reports. The authors of this paper extend on previous academic literature by empirically evaluating the relationship between two dimensions of the information quality of CSR reporting (content and management systems) and the corporate reputation of companies operating in the Spanish Stock Market.

Basándose en la teoría de la legitimidad, los autores de este trabajo exploran la relación que existe entre la calidad de la información contenida en las memorias de responsabilidad social corporativa (RSC) de las principales empresas cotizadas en la bolsa española y su reputación corporativa.

Se testean tres modelos de regresión con un panel de datos recopilados entre 2004 y 2014 para una muestra de las 35 empresas más sólidas de la bolsa española.

Los resultados muestran que los dos ejes principales de la calidad de la información (es decir, contenido y sistemas de gestión) deben ser necesariamente controlados por las empresas con el fin de mejorar su reputación corporativa a través de sus memorias de RSC. El eje de contenido se refiere al cumplimiento de las memorias de RSC con el suministro de información cualitativa, cuantitativa y de evaluación en relación con los impactos de la RSC de la empresa en la sociedad y el medio ambiente. El eje de los sistemas de gestión se refiere al cumplimiento de las memorias de RSC con la divulgación de información acerca de las políticas, planes y acciones que las empresas implementan para asegurar una gestión eficaz de las iniciativas de RSC.

La literatura previa que ha explorado la relación entre la información corporativa y la reputación se ha centrado con frecuencia en (1) el impacto de la cantidad de información financiera y de RSC que generan las empresas o (2) el papel de la calidad de la información, pero sólo en referencia a una serie de temas concretos (principalmente medio ambiente y clientes) y no a toda la gama de información cubierta por las memorias de RSC. Los autores de este trabajo amplían esta línea de investigación mediante la evaluación empírica de la relación entre dos dimensiones de la calidad de la información de las memorias de RSC (contenido y sistemas de gestión) y la reputación corporativa de las empresas que operan en la bolsa española.

The purpose of this paper is that of linking security requirements for web services with security patterns, both at the architectural and the design level, obtaining in a systematic way a web services security software architecture that contains a set of security patterns, thus ensuring that the security requirements of the internet‐based application that have been elicited are fulfilled. Additionally, the security patterns are linked with the most appropriate standards for their implementation.

To develop secure WS‐based applications, one must know the main security requirements specified that applications have to fulfil and find appropriate security patterns that assure, through combination or relationships between them, the fulfilment of the implicated security requirements. That is why a possible link or connection between requirements and patterns will have to be found, attempting to select for a determined security requirement the best security patterns that solve this requirement, thus guaranteeing the security properties for internet‐based applications.

Using security patterns, that drive and guide one towards a secure development as well as towards security software architecture, one can be sure that this design based on these patterns fulfils and guarantees the most important security requirements of the internet‐based applications through the design and implementation of security solutions that provide reliable security services.

Security architecture for internet‐based applications and web services can be designed considering the security requirement types that it must fulfil and using the most appropriate security patterns.

This paper proposes a relationship between security requirements that can be specified for internet‐based applications and the possible security patterns that can be used in the design and implementation of the secure system based on the internet, guaranteeing that these security requirements are fulfilled.

To study the reasons why iconic companies suffer failure.

This briefing is prepared by an independent writer who adds their own impartial comments and places the findings in context.

Betsy Morris chronicles the downward slide of Coca‐Cola's performance since the death, in 1997, of its charismatic CEO Roberto Goizueta. Jill Andresky Fraser focuses on the fortunes of Kellogg which, in 1999, lost its no. 1 spot as market leader. Louise Lee reports on the troubles of another iconic brand, Levi Strauss, where the current financial situation allows little margin for mistakes.

Provides an insight into how things can go wrong in the best‐known of companies, and a glimpse of how different methods are adopted to attempt a turnaround.

The objective of this paper is to review Spanish regulatory evolution in the collective investment area, which is very recent in its principal aspects.

The paper assesses the way investment funds are impacted by the Markets in Financial Instruments Directive (MiFID) and the Spanish legislation.

The legal aspect of the Collective investment institutions (CII) in Spain has experienced a major renovation over the past four years. There were three basic principles: increased flexibility of the CIIs' regime, reinforced protection for investors, and improved administrative intervention regime. Although MiFID focuses its attention on financial markets and investment firms, it also implies an important change for collective investment institutions. New conditions arising after the introduction of this norm are imposing major challenges for financial entities, supervisory authorities and financial markets.

The unified regulatory system, even after the implementation of MiFID, remains fragmented, and the way in which it will apply to investment funds is not easy to disentangle.

As a result of this process, it is hoped that levels of competitiveness will increase and transaction costs fall, which will ultimately result in improved conditions for investors and more efficient companies.

The paper establishes the implications of the MiFID and the UCITS Directives for the investment fund industry in Spain.

Employee well‐being (WB) is a strategic reference of prime importance due to its impact on human capital, employee health and quality in working life, factors that are key to achieving successful organisations. The purpose of the current study is to assess the WB of female managers in the European workplace. The research analyses three dimensions (job satisfaction, comfort and enthusiasm) and the effect of job‐related factors on each one of these.

The Mental Health and Vitamin models (Warr, 1987) were taken as the starting‐point of the research. An alternative econometric method – an artificial neural network known as extreme learning machine was applied to a sample of 99 female managers collected from the 5th European Working Conditions Survey‐2010

The results obtained confirm that this methodology is valid to efficiently classify European female managers into those who feel satisfied with their jobs, calm and relaxed, and cheerful and in good spirits, and those who do not. Furthermore, the resulting model identifies the strongest factors important in determining the varied dimensions of occupational WB achieved.

Even today, despite the important contribution women managers make to the management of organisations, they have to face many challenges and overcome serious barriers in achieving and staying in positions of leaderships when compared to their male counterparts.

El bienestar laboral constituye un referente estratégico de primer orden por su impacto sobre el capital humano – salud y calidad de vida laboral de los empleados –, en aras de alcanzar organizaciones exitosas. El objetivo del presente artículo es analizar el bienestar laboral a partir de sus tres dimensiones (satisfacción, confort y entusiasmo) de las mujeres que ocupan puestos de dirección en Europa y el efecto de ciertos factores laborales.

Se adopta como punto de partida los modelos teóricos de salud mental y vitamínico (Warr, 1987), aplicando un método econométrico novedoso – redes neuronales artificiales –, a una muestra de 99 mujeres directivas extraída de la V Encuesta Europea de Condiciones de Trabajo (2010).

Los resultados obtenidos confirman la validez de esta novedosa metodología para clasificar eficazmente a las mujeres directivas que presentan un elevado grado de bienestar laboral. Por otra parte, con el modelo resultante se identifican los factores más determinantes para el logro de cada una de las dimensiones que constituyen el bienestar laboral.

Las mujeres directivas, quienes a pesar de lo mucho que tienen que aportar en la gestión de las organizaciones, aún hoy encuentran que su acceso y permanencia en los puestos de dirección está colmado de desafíos y barreras difíciles de superar en comparación con sus homólogos masculinos.